How Much Money Do You Need to Own a Franchise?
Franchises have been a key component of the Canadian business landscape for well over a century and offer sustainable investment and revenue opportunities for people of all backgrounds and cultures.
Have you ever wondered what it takes to run your own franchise? Read on to learn more about what’s out there and just how simple it can be.
The Benefits of Franchising
Owning a franchise allows you to be your own boss and run your own business but with some guidelines already in place. They’re also ideal because they often already involve well-respected brands so unlike starting your own business, you won’t have to work on a marketing strategy and building brand awareness.
The fact that they offer independent ownership opportunities combined with training and support make them excellent options for those new to running their own business, or new to a particular market.
The Franchise Market
According to Entrepreneur, the top 3 most profitable franchises in 2018 are (not surprisingly): McDonald’s, 7-11 and Dunkin Donuts. While you’re most likely familiar with these names, you might be surprised to find out how many opportunities for ownership exist in sectors beyond food service.
Franchise Canada claims that the 3 franchise sectors currently showing the most potential for growth are cleaning services, employment services, and real estate. Plenty of other franchise opportunities exist in industries ranging from beauty to travel and from business to hospitality.
Choosing Your Franchise
Though there are plenty of different sectors to choose from, you’ll want to find something that not only suits your budget but also your long-term needs and interests. You wouldn’t want to run a business that you know absolutely nothing about, so try to choose something that’s easy to learn about and relate to.
Start your brainstorming by browsing the internet and finding a franchise business for sale, then do a bit of research on that company to see if it might be a good fit for your business goals and needs. Once you choose a few that seem interesting, you can then do a more in-depth study of the brands and franchises themselves to ensure that this will be a good investment overall.
Buying a Franchise
How much money do you need to purchase and own a franchise? Well this amount is really going to vary depending on the type and nature of the franchise. For instance, some franchises you can run from the comfort of your own home, in which case they would require a smaller investment.
The Go Forth Institute estimates that between initial fees (which vary depending on how established a company is), royalties and marketing costs, the cost of a Canadian franchise is likely to be between $50,000 and $500,000.
If you have been thinking of taking advantage of all the benefits of buying a franchise, consider a JAN-PRO franchise. We are the #1 rated commercial cleaning franchise in Canada, so join all the other success stories and become a franchisee today!